Essar Energy is reportedly planning to start exploration drilling at its blocks in India and Vietnam in September-October this year.
According to India’s business newspaper The Economic Times , the company is hoping to uncover new reserves in order to boost its crude oil production.
The Economic Times quotes Manish Maheshwari , CEO of Exploration and Production at Essar Energy’s oil and gas unit Essar Oil, as saying: “We would be drilling a couple of exploration wells in Mumbai offshore and Vietnam in the fair weather window later this year. Depending on the results of the initial drilling, we will decide how many wells we want to drill.”
According to Essar’s data, the company has 50% interest in one shallow water offshore exploration block MB-OSN-2005/3, near the Mumbai High field in the Mumbai offshore basin, offshore eastern India. India’s Oil and Natural Gas Corp. (ONGC) owns the remaining interest in the block.
“The E&P sector has not seen any activity in India since 2010. We have assets at different stages and have prioritised certain assets. Now the focus is to ramp up production and convert these assets into mature producing properties,” Maheshwari was quoted as saying.
In Vietnam, Essar owns 50% interest in one offshore oil and gas block, and the other 50% was acquired by Italy’s Eni from Essar in July, 2012.
Offshore Energy Today Staff